Around Oct. 1, global central-bank liquidity reversed and stocks began their descent from peak prices. The Federal Reserve should take an important signal from recent developments at its meeting this week. The Fed created quantitative easing as a novel crisis-response tool a decade ago. Market participants understood the not-so-subtle message: The Fed had investors’ backs. The stock market rallied.

Source: Wall Street Journal December 16, 2018 20:15 UTC